DOMA Overturning Has Significant Tax Implications, Say LGBT Specialists From Marcum LLP
New York City, NY – The leaders of the Lesbian, Gay, Bisexual & Transgender (LGBT) practice group of Marcum LLP, a top national accounting and advisory firm, say there are significant tax implications from today’s decision by the U.S. Supreme Court overturning the Defense of Marriage Act (DOMA). By voiding the federal definition of marriage as being exclusively between a man and a woman, the Court enables legally married same-sex couples to receive the same tax treatment as heterosexual married couples under federal law.
“Estate tax returns may also be open to amendment. This is a huge planning opportunity, as most estate plans for same-sex married couples will need to be amended to take federal changes into account. It is also essential that wills, healthcare proxies, living wills and disposition of remains documents be reviewed and amended, as appropriate,” said Janis Cowhey, a Marcum Trusts & Estates tax partner and East Coast Leader of the Firm’s LGBT practice.
Marcum LLP is the thought leader in the specialty area of tax compliance and consulting services within the LGBT community. The firm’s professionals have more than 20 years of experience in dealing with the complex tax and financial rules faced by LGBT couples and families, state-by-state and around the country.
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Marcum LLP is a top-ranked national accounting and advisory firm dedicated to helping entrepreneurial, middle-market companies and high net worth individuals achieve their goals. Marcum’s industry-focused practices offer deep insight and specialized services to privately held and publicly registered companies, and nonprofit and social sector organizations. The Firm also provides a full complement of technology, wealth management, and executive search and staffing services. Headquartered in New York City, Marcum has offices in major business markets across the U.S. and select international locations. #AskMarcum.
